Q1. Using a real life example of a company outline the key components of a customer driven marketing strategy. Illustrate how these components are utilised by your selected company in implementing a customer driven marketing strategy.
The Coca Cola Company is a multinational manufacturer and seller of carbonated soft drinks. Founded in 1892, The Coca Cola Company is a very successful company due to the fact that it takes into careful consideration its target market and it's way of putting the customer first.
Many companies are shifting away from mass marketing towards target marketing where they customize their products to suit a particular market segment. However, The Coca Cola Company's vast range of beverages allows for catering to various target markets for instance, PowerAde targets those who exercise and play sport whereas Coke Zero targets a slightly older market thereby effectively attracting several target markets.
Upon selecting a target market, companies must deduce how to serve their consumers best.
An example of this can be seen through The Coca Cola Company's international expansion as a response to changing demographics to allow for better accessibility to their products. Additionally, maintaining the same quality of manufacturing and retaining Coca Cola's unique taste both contribute to customer satisfaction, As such, by attracting and retaining customers, The Coca Cola Company thrives on it's effective customer driven marketing strategy.
Q2. Discuss how your selected company has been capturing value from customers
Capturing value from customers is key to success. By maintaining a good relationship with the customer, customers are more likely to remain loyal and talk in favour to others about the company and its products. The importance of good customer relationships becomes apparent when the economy worsens. This is because there are less consumers and less money to spend so companies must strive hard...